S&P 500 Index perpetual futures offered by Hyperliquid jumped to a record high today, May 24, as investors cheered the potential US-Iran ceasefire extension deal. It jumped to an all-time of $7,610, and then pulled back to $7,540 as some top Republicans blasted the deal. 

S&P 500 Index Jumps as Trump Announces US-Iran Deal

The S&P 500 Index jumped, while WTI and Brent crude oil prices dipped in the perpetual futures market after President Donald Trump revealed that a deal to reopen the Strait of Hormuz was near. 

Trump did not disclose details of the agreement. Instead, he promised to share more information soon. In a statement on Sunday, he said he was in no rush to announce the deal, meaning that the details may come later this week.

His announcement on Saturday came as most experts predicted that he would launch an attack this weekend. He missed his son's wedding and opted to stay in Washington. 

Also, the long weekend offered a good opportunity for him to launch the attack as markets will be closed on Monday. His decision not to attack came as some top Gulf allies like Qatar, Saudi Arabia, and the United Arab Emirates pressed for more talks.

These countries believe that the Strait of Hormuz can only be opened through dialogue. Also, a limited strike by the United States would have lead to a more devastating attack by Iran on their critical energy infrastructure. 

A deal to reopen the Strait of Hormuz would be good for the S&P 500 Index and its ETFs like the Vanguard S&P 500 (NYSE:VOO) and SPDR S&P 500 (NYSE:SPY), because it would remove the main risk facing the stock market today. It would also lower inflation, and reduce the possibility that the Federal Reserve will hike interest rates.

Top Republicans Have Blasted a Potential US-Iran Deal

Meanwhile, Trump is facing some major pushback from some of his top Republican allies on the ongoing talks. In an X post, Senator Ted Cruz said that he was "deeply concerned" about an Iran deal that would give Iran billions of dollars, control of the Strait of Hormuz, and the ability to develop nuclear weapons.

I am deeply concerned about what we are hearing about an Iran "deal," being pushed by some voices in the administration.

President Trump's decision to strike Iran was the most consequential decision of his second term. He was right to do so, and we achieved extraordinary…

— Ted Cruz (@tedcruz) May 24, 2026

Lindsey Graham of South Carolina also warned about a deal, arguing that it would leave Iran better off. He noted that it would leave Iran as the most dominant power in the region. Graham believes that Trump should "finish the job" by launching strikes against the country.

If a deal is struck to end the Iranian conflict because it is believed that the Strait of Hormuz cannot be protected from Iranian terrorism and Iran still possesses the capability to destroy major Gulf oil infrastructure, then Iran will be perceived as being a dominate force…

— Lindsey Graham (@LindseyGrahamSC) May 23, 2026

Similarly, Senator Roger Wicker of Mississippi also blasted the 60-day ceasefire. He argued that the Iran deal would invalidate everything that the US accomplished by Operation Epic Fury. 

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